- Finance
Lili is making freelance banking a breeze
Financial management is one of the most common issues we see freelancers struggling with. Tracking your cash flow, setting up and managing a business bank account, itemizing tax-deductible expenses … it’s a full-time job (on top of your full-time career).
That’s why today, we’re happy to announce a new partnership with Lili, a mobile-first checking account designed just for freelancers.
The Lili app comes loaded with financial management tools, including a ridiculously easy way to keep track of your business expenses — just swipe to categorize each purchase as either a personal or business expense. At the end of the quarter, you’ll have an automatically generated expense report that you can use to do your taxes and review your business progress.
To make tax time easier, Lili provides an automatic tax savings bucket within the account. Just select the percentage of your income you’ll need to pay in taxes, and Lili will automatically set aside that amount from each payment you receive. When it’s time to pay your quarterly taxes, your savings bucket will be full, minimizing the risk of nasty surprises.
More features that make Lili a freelancer’s dream include monthly spending review, push notifications so you know as soon as cash comes in or goes out of your account, and faster access to your money when you’re paid via direct deposit — get your cash up to 2 days earlier than a traditional bank!
It’s free to open an account with Lili, and there are no monthly fees and no minimum balance requirement (no overdraft fees or international transaction fees, either!). And while Lili is a digital banking solution, it works in real life, too — the Lili Visa Business Debit Card comes with free ATM access at more than 38,000 locations across the country, plus the ability to deposit cash at more than 90,000 retailers.
Freelancers Union members can set up a free Lili account in minutes. It’s easy to link existing bank accounts, Venmo, Cash App, Paypal, and more within the app, and you can start using your account right away.